Consumers 'should seek mortgage advice'

People looking to buy a house should opt for regulated professional advice as well as asking family and friends, an expert has said.

Tim Hague of Birmingham Midshires said that people tended to go to advisers recommended by friends and family.

But he stressed that the right advice is vital and regulated advisers were trained to match the right products to their clients.

The bank said that about two-thirds (63 per cent) of people will trust a person to advise them on financial matters if they come recommended by friends and family.

"There are hundreds of mortgage products on the market and not all of them are right for every individual," said Mr Hague.

"A regulated mortgage intermediary will have a range of mortgages to choose from and can ensure they find one that meets the exact needs of their client."

Chief executive of Firstrung mortgage brokers, Paul Holmes, suggested that the internet was a valuable tool for house buyers and there was "no excuse" for not researching.

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